W.P. Carey diversifies investment portfolio with acquisition of prime industrial assets in Italy and Canada

W.P. Carey has expanded its portfolio by acquiring an €80 million package, comprising four industrial facilities in Italy and an R&D facility in Canada, through a sale and leaseback transaction. The 103,000 square meter portfolio is now under triple-net leases to Metra SpA and Metra Aluminium, facilitated by Newmark.

In Italy, the properties are subject to a long-term master lease with annual rent escalations. At the same time, the Canadian asset will be incorporated into WP Carey's existing lease with Metra starting in 2022, featuring fixed yearly rent increases, as stated by the NYSE-listed company.

W. P. Carey has a long history of providing customised capital solutions to publicly traded and privately held companies, developers, private equity firms, and their portfolio companies. Its diversified portfolio comprises more than 168 million square feet of corporate real estate across tenants, tenant industries, property types, and geographies.

Christopher Mertlitz, the Head of European investments at WP Carey, said, "This cross-border transaction is a prime example of our investment philosophy focused on mission-critical properties leased to creditworthy companies. It demonstrates our ability to form longstanding partnerships with our tenants and deal partners, including private equity firms."

"Particularly in today's high-interest rate environment, access to liquidity remains crucial, and as such, we're thrilled to once again partner with Metra and KPS to enable them to unlock capital to support their ongoing business objectives."

Briggs Goldberg, the Managing Director of Newmark's corporate capital markets group, said, "When speed and certainty of execution are paramount, selecting a capital partner that can navigate the intricacies of a cross-border, multi-currency transaction is critical."

"In a landscape where complexity reigns, Newmark's expertise shines brightly. By seamlessly harmonising with WP Carey's tenured reliability, we orchestrated a symphony of success, unlocking the full value of our client's illiquid assets."